Question: On August 1, Springfield Ltd. accepted a $26,200 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and
On August 1, Springfield Ltd. accepted a $26,200 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and both principal and interest are due in two months, on October 1. Interest on the note was accrued on August 31 and on September 30. On October 1, Borges paid the note, including the accrued interest. Prepare the journal entries required to record the above transactions
| Date | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| choose a transaction date Aug. 1Aug. 31Sept. 30Oct. 1 | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount | |
| choose a transaction date Aug. 1Aug. 31Sept. 30Oct. 1 | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount | |
| choose a transaction date Aug. 1Aug. 31Sept. 30Oct. 1 | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount | |
| choose a transaction date Aug. 1Aug. 31Sept. 30Oct. 1 | enter an account title | enter a debit amount | enter a credit amount |
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